Duong Minh Chau Market Traders: Developing Business Thanks to Daily Installment Loans

Mr. Vu Cong Doan - Head of Duong Minh Chau Market Management Board visited the business situation of small traders who borrowed capital from the program.

Ms. Nguyen Thi Chau, a pork and beef trader at Duong Minh Chau market, said that as soon as the program was implemented, she borrowed money to do business. Ms. Chau borrowed 20 million VND, and every 2 days, the credit fund staff came to collect the payment according to the loan contract with an amount of more than 400,000 VND. With the loan of 20 million VND, Ms. Chau had more than 3 months to pay the credit fund, and the interest rate was not high, so she felt more secure.

Another trader in ready-made clothing said she is borrowing 50 million VND from the Duong Minh Chau District People's Credit Fund, paying back more than 500,000 VND in daily installments, including principal and interest. According to the trader, the daily installment loan program is very suitable for the business conditions of the trader.

According to Ms. Nguyen Thi Thu Hong - Chairwoman of the Board of Directors of the People's Credit Fund of Duong Minh Chau District, to get a loan, traders only need to have a contract to rent a business premises with the Market Management Board. The minimum loan amount is 20 million VND and the maximum is 50 million VND, with an interest rate of 1.2%/month. Over the past 13 years, the daily installment loan program implemented by the People's Credit Fund of Duong Minh Chau District in collaboration with the Market Management Board has not had any bad debt cases.

Mr. Vu Cong Doan - Head of Duong Minh Chau Market Management Board said that the credit fund's daily installment loan program has low interest rates. When there is a need for capital to develop business, small traders in the market all borrow from the program, rarely borrowing capital from individuals who lend money with high interest rates outside, limiting the situation of usury.

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